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Uber Rings Opening Bell on Wall Street to Launch IPO With $82 Million Market Value
Uber shares make their debut on Friday in the technology industry's biggest initial public offering in years. Uber on Thursday priced its IPO at $45 a share, close to the bottom of its projected range following a bumpy IPO by smaller rival Lyft. The pricing values Uber at $82.4 billion. The company is raising $8.1 billion in the biggest IPO since Facebook, which debuted in 2012 valued at $104 billion. Chinese e-commerce giant Alibaba went public in 2014 with a valuation of $168 billion. Other high-profile tech IPOs in recent years, including those of Facebook, Twitter, and Snap, were priced higher than expected, but Uber faces strong headwinds. It lost $1.1 billion in the first quarter, facing strong competition and concerns about its business model.
The ride-hailing company priced its shares at $45 on Thursday, near the bottom of its targeted range of $44 to $50. The announcement crystallizes 10-figure stakes for co-founders Travis Kalanick and Garrett Camp, early employee Ryan Graves and investors like SoftBank Group Corp., Benchmark, Saudi Arabia’s Public Investment Fund and Alphabet Inc., according to calculations by the Bloomberg Billionaires Index.
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